Revena, a São Paulo–based startup, has raised an $8 million seed round led by Canary, with participation from Flourish Ventures and Caravela Capital. The company builds AI agents that generate medical bills from clinical records and payer rules. It has worked with around 60 hospitals through pilots and deployments, with its software currently live at about 30 hospitals in Brazil.

Co-founders Mateus Noronha and Diogo Freitas identified the opportunity after observing hospital billing teams at work, where administrative nurses reviewed extensive clinical documentation to ensure services were billed correctly. The process required specialized knowledge, took many hours per case, and relied on staff manually reconciling patient records with hospital systems.

“For a patient that stays three to five days at the hospital, it’s 200 pages of medical records,” said Noronha. “It was incredibly manual work.”

The scale and complexity of the work made it a natural fit for automation. Revena built AI agents to handle the manual review required to turn clinical records and payer contracts into medical bills, reducing the time needed to produce a complex bill from 18 hours to about 20 minutes. 

Beyond efficiency gains, the company’s toolset aims to reduce revenue leakage due to billing errors, missing charges, or incorrect codes and documentation, Noronha said. Across live deployments, hospitals have reported 6–12% revenue recovery, 65–75% less financial operations work, and billing submissions that are 23% faster. Based on these outcomes, Revena estimates its platform could help prevent up to $4 billion in annual hospital revenue losses.

Revena plans to use the funding to continue building out the product and expand its footprint across hospitals. The company is also exploring expansion beyond Brazil, including potential entry into the U.S. market, Noronha said.

Applied AI inside hospital systems

Revena’s approach goes beyond using general-purpose AI tools. The company relies on a multi-model setup and trains on proprietary healthcare data to handle complex billing workflows inside hospital systems, according to Noronha.

Investors say Revena meets a growing need for vertical AI tools that solve challenging, high-friction problems in large industries.

“We see a very clear ‘why now’ driven by generative AI,” said Izabel Gallera, partner at Canary. “For the first time, it’s possible to tackle highly complex problems in the healthcare industry in a scalable, efficient way.” Gallera added that Revena’s product focus and integration made it a “very compelling bet” in a field where “the intensity of the pain is strongly correlated with the size of the opportunity.”

“Revena is tackling one of the most structural inefficiencies in healthcare: how money actually flows through hospitals,” said Diana Narváez, principal at Flourish Ventures and the firm’s Latin America lead. “They’re delivering measurable results; recovering lost revenue and reducing administrative burden, while operating inside core hospital systems.” She said the team's early traction, clear results and ability to integrate into hospital systems were key reasons they decided to invest.

The latest round follows a $1 million pre-seed raised in mid-2024.